OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, LLC announced today that it negotiated and closed the purchase of an 11-story, 109-unit multifamily property located in Long Beach, New York. Joe Cosenza, vice chairman of The Inland Real Estate Group, LLC and president of Inland Real Estate Acquisitions, LLC, completed the deal, with assistance from Michael A. Wilson and Gina R. LaMantia of Equis Law Group, LLC, on behalf of an Inland affiliate.
The property, recently renamed 10 West Apartments, is one of the only ocean-front rental buildings in New York and consists of a one studio, 67 one-bedroom, 38 two-bedroom and three three-bedroom units with 177 rentable parking spaces.
Each unit was renovated in 2015 and 2016 and features gourmet kitchens with quartz countertops, stainless steel appliances, hardwood floors, full size washers and dryers and private balconies with beach and ocean views. 10 West Apartments also offers a variety of community amenities including a two-story, state-of-the-art fitness center, an outdoor heated swimming pool with ocean views, a library, lounge area and metal storage lockers for resident use.
The building was renovated from 2013 to 2018 following Hurricane Sandy and benefits from a $44 million coastal restoration completed by The U.S. Army Corps of Engineers, in which the beach size was increased to prevent storm and wave action from causing damage to the local boardwalk and homes.
“10 West Apartments’ premier location with high quality amenities and panoramic ocean views is an attractive option for New Yorkers looking to transition from the city to the suburbs without compromising on luxury,” said Cosenza. “Whether residents want to take a jog on the boardwalk, check out local grocery shopping or other retail stores, or catch a train to Manhattan, this community offers it all just steps away. 10 West Apartments’ highly desirable position in Long Beach, combined with its recently upgraded amenities, make this the type of multifamily property we continue to seek for acquisition.”
The property was 99 percent occupied at closing.
Since inception, Inland Acquisitions has facilitated more than $48 billion of purchases including single-tenant properties, medical office buildings, apartments and retail properties.
About Inland Real Estate Acquisitions, LLC
Inland Real Estate Acquisitions, LLC assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.
